Everything you need to know about Bitcoin and GST

The ATO is yet to release its advice on the legal status of cryptocurrencies for GST purposes, but when it does it will likely be just the beginning of a bigger legislative tussle.

GST-registered businesses are still awaiting guidelines from the Australian Tax Office regarding the legal status of cryptocurrencies such as Bitcoin, after the department pushed back its June 30 deadline.

Proper consideration of the myriad submissions from industry and other stakeholders is warranted, as the ATO’s interpretation of the GST Act could dramatically affect many Australian business who accept -- or are considering accepting -- Bitcoin payments.

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